420 with CNW — Everything You Need to Know About Delta-8 THC

Long before lawmakers were considering legislation that would federally decriminalize cannabis, Congress passed the 2018 Farm Bill. Among other things, this legislation legalized the cultivation and sale of industrial hemp and its derivatives. Hemp is a form of cannabis that has less than 0.3% THC, meaning any products made from hemp or its derivatives do not cause users to get high. For the past year or so, one of the components found in hemp has been enjoying increased market visibility, especially in New York State.

If delta 8 THC sounds familiar, it’s probably because it reminds you of the component in cannabis that creates that feeling of intoxication. Hemp and cannabis produce hundreds of compounds called cannabinoids, including the famous CBD and delta-9 THC (tetrahydrocannabinol) responsible for cannabis’ effects. However, despite sharing a name and sporting a similar molecular structure, delta-8 THC is a completely different ball game. In New York, delta-8 THC products have been available for close to a year.

Many shops that specialize in CBD and other hemp-derived products also stock delta-8 THC products, usually in flower, vap, or edible form. How does this cannabinoid react with the body? According to Garry Colmey, a legal cannabis advocate who operates a indoor cannabidiol gardening outlet in Rome, Italy, delta-8 makes people “feel good.” The feeling lands somewhere between the those evoked by consuming CBD and THC, producing a mild sort of euphoria without the buzz cannabis is famous for.

Since hemp products must contain less than 0.3% THC to be considered legal, delta-8 THC leaves the userr with a sort of body euphoria rather than a head high, says Yardley Burgess. Burgess owns a number of Empire CBD retail shops in New York State, and he says delta-8 THC may also provide relief against pain and anxiety as well as boost feelings of relaxation. The popularity of the milder cannabinoid isn’t just limited to New York; delta-8 THC is going nationwide.

In March this year, a “Forbes” article reported that that delta-8 THC was quickly becoming the most exciting and intoxicating product in the hemp industry. Still, delta-8 THC has plenty of detractors, and the article noted that the booming sector may soon fall. Several states, including Colorado, Alaska, Arkansas, Montana, Delaware, Idaho, Arizona and Mississippi, have banned delta-8 THC, as other states are looking into such hemp derivatives. Kim Stuck, a former cannabis regulator who now runs Allay, a consulting service that advises and provides assistance to businesses in the cannabis space, says this could be because the industry is still brand new and most states are still uncertain about minor cannabinoids such as delta-8 tetrahydrocannabinol.

Businesses in this space may be reaping profits, but things may soon change as laws and regulations catch up. Recently, the Drug Enforcement Administration (“DEA”) proposed classifying delta-8 THC as a controlled substance, but the rule change hasn’t been made yet.

Hopefully, the rule changes imposed in various jurisdictions take note of the therapeutic potential of various cannabinoids as the therapeutic formulations undergoing trials by XPhyto Therapeutics Corp. (CSE: XPHY) (OTCQB: XPHYF) (FSE: 4XT) and other companies indicate.

NOTE TO INVESTORS: The latest news and updates relating to XPhyto Therapeutics Corp. (CSE: XPHY) (OTCQB: XPHYF) (FSE: 4XT) are available in the company’s newsroom at https://cnw.fm/XPHYF

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CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.

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420 with CNW — Texas House Approves Bill to Reduce Criminal Penalties for Cannabis Possession

Last week, the House in the state of Texas approved a measure that would decrease the criminal penalty for the possession of small amounts of cannabis, in addition to affording residents in the state who have been charged with cannabis possession the chance to expunge it from their records.

House Bill 441 applies to the possession of an ounce or less of cannabis.

Presently though, possessing up to two ounces of cannabis, which is equivalent to about 57 grams, is classified as a class B misdemeanor, which is punishable by a $2,000 fine and up to six months in jail.

The bill, which was drawn up by State Rep. Erin Zwiener, will re-classify the possession of an ounce or less of marijuana as a class C misdemeanor, whose punishment doesn’t include jail time. Additionally, law enforcement in the state will not be permitted to arrest individuals who are in possession of an ounce or less of marijuana.

During an interview with a nonprofit media outlet, Zwiener attributed much of the credit for reaching a compromise to State Rep. Joe Moody, who had suggested penalty reductions in the previous session. Zwiener added that while Gov. Abbott had made no commitment to sign the proposal if it reached his desk, she was encouraged by his comments, which supported the re-classification of punishments to a class C misdemeanor.

Zwiener observed that the real challenge would be getting the bill through the Senate. She explained that in 2019, after the House had approved a bill tabled by Moody, which was similar to this bill, Lt. Gov. Dan Patrick had opposed it, which led to its stalling.

Some law enforcement agencies and prosecutors in the state have already halted the arrest and prosecution of first offenders found in possession of small amounts of cannabis. A poll that was conducted earlier this year by the University of Texas discovered that 60% of voters in the state believe that the possession of any amount of cannabis should be legal.

House Bill 411 is an attempt to reduce the criminal penalty across the state for the possession of cannabis. Of the 10 measures tabled in the legislature to address possession, only a single other proposal has made it past the committee phase.

That bill, House Bill 09, was drawn up by Rep. Steve Toth and would eliminate the suspension of an individual’s driver’s license and their arrest for being in possession of cannabis, while also bringing the punishment down to a fine. Toth revealed that while he didn’t support the legalization or criminalization of cannabis, the racial disparity in cannabis arrests needed to be addressed.

As Texas moves to ease some of its strictest policies on marijuana, companies operating in the cannabis space, including XPhyto Therapeutics Inc. (CSE: XPHY) (OTCQB: XPHYF) (FSE: 4XT), have advanced to the level of coming up with drug formulations from cannabis compounds. These compounds are in various stages of development, after which they may become widely available once the FDA gives its nod of approval.

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420 with CNW — Ways Marijuana Extraction Companies Can Minimize Energy Costs

Power costs are among the highest costs for any facility that manufactures marijuana. The cannabis industry’s energy consumption has a negative effect on climate change as well as the environment. For environmentally conscious marijuana extraction companies that would prefer to operate in a more sustainable manner, decreasing energy use should be a top priority.

To decrease their power consumption and costs, marijuana extraction companies can:

Make use of manufacturing environmental standards that increase efficiency and decrease waste.
Use equipment that keeps power consumption under control.
Operate their machines during off-peak hours when electricity costs are lower.

The above tips sound simple enough. However, when one considers that most shifts operate during the day when electricity prices are higher, this may not be as easy to implement.

So, how can extraction companies go about this?

Well, for starters, companies need to draw up a plan that considers workforce management and incentives available for workers, as this will make it easier for companies to run machines at night instead of during the day. Extraction manager at High Life Farms Connor Schilling reveals that he pays his workers more per hour to work the night shift, weighing the savings on energy against the added labor costs.

Additionally, a company can look for ways to store cheaper energy and utilize it during the day. For instance, if a company uses an air compressor for its operations, consider filling the tank at midnight rather than at midday.

Carlos Perea, the CEO of Terra Vera, an agricultural technology firm based in New Mexico, reveals that the company also balances higher energy costs against paying employees more to work a graveyard shift.

In addition, he states that Terra Vera is looking for ways to store energy generated by renewable energy or during off-peak hours and adds that batteries from the traditional grid or those charged by solar panels are a good solution.

A company can also assign employees to carry out other tasks that don’t need electricity when energy prices are at their highest and use energy-efficient equipment. Perea notes that increasing the efficiency of extraction equipment will not only make it easier to capture more terpenes and cannabinoids but will also reduce the energy required by manufacturers to produce a higher-quality product.

Furthermore, creating and adopting sustainable extraction practices allows companies to improve their productivity and decrease their process cycle, which translates to a smaller influence on the environment and less power usage.

Companies operating within the cannabis space, such as XPhyto Therapeutics Corp. (CSE: XPHY) (OTCQB: XPHYF) (FSE: 4XT), are constantly looking for ways to optimize their operations, especially those looking to develop cannabis-based drug formulations whose final cost must be kept as affordable as possible for the intended beneficiaries. Maximizing the benefits of the suggestions above would go a long way towards helping them attain their objectives.

NOTE TO INVESTORS: The latest news and updates relating to XPhyto Therapeutics Corp. (CSE: XPHY) (OTCQB: XPHYF) (FSE: 4XT) are available in the company’s newsroom at https://cnw.fm/XPHYF

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420 with CNW — Is Regulating Cannabis by Potency a Good Move?

As more and more states legalize cannabis in the United States, a debate on whether to regulate cannabis by its potency also appears to be gaining steam.

Generally, many states that have legal cannabis markets base their tax on weight or sales price. However, the state of New York signed a legislation in March, under which recreational cannabis will be taxed based off its THC amount. For those who may not be familiar with THC, this is the primary intoxicating chemical in marijuana.

When the state of Illinois began recreational cannabis sales in 2020, it also enacted a potency-related tax. In Vermont, officials are planning to launch the state’s legal marijuana market in the next year or so, under which THC content will also be limited.

Individuals who support the move to limit THC content as a way to regulate cannabis assert that these measures will protect public health by discouraging the use of what people may regard as highly concentrated marijuana. President of Smart Approaches to Marijuana Kevin Sabet noted that legislators needed to put some limitations on the cannabis products being sold to people. Smart Approaches to Marijuana is an anti-legalization group that has been calling for potency caps for some time.

Additionally, the National Academies of Sciences, Engineering and Medicine conducted an examination of health and cannabis in 2017; the results noted that the growth in potency was among the factors that create the potential for a higher risk of adverse health effects.

On the other hand, those opposing potency caps contend that limiting amounts of THC in products may drive people to buy products from the illegal market. Recorded data shows that in the recent decades, the levels of THC have been rising in the cannabis seized by federal agents. For instance, in 2014, the average THC levels were 12% while almost two decades before that, in 1995, the THC levels were only 4%. Reports from the state of Colorado show that marijuana concentrates sold in the state’s legal market average 69% THC, with some hitting as high as 90%.

Supporters of cannabis legalization are of the opinion that potency caps will backfire. In a recent op-ed, NORML deputy director Paul Armentano noted that recriminalizing cannabis products would affect the consumer demand for these products, in addition to pushing consumers to look for similar products in the illicit and unregulated market.

As a substitute measure, some states are choosing to make high THC cannabis products more expensive, instead of forbidding their use.

Companies such as XPhyto Therapeutics Corp. (CSE: XPHY) (OTCQB: XPHYF) (FSE: 4XT), which have opted to take the route of formulating medicines from cannabis compounds, may be the ultimate winners since securing FDA approval for their formulations grants them access to patients in the entire country. This would free the companies from having to navigate the complexity of numerous state-level laws.

NOTE TO INVESTORS: The latest news and updates relating to XPhyto Therapeutics Corp. (CSE: XPHY) (OTCQB: XPHYF) (FSE: 4XT) are available in the company’s newsroom at https://cnw.fm/XPHYF

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420 with CNW — Activist Sues Governor Over Delay in Seeking Medical Cannabis Exemption

A cannabis activist from Iowa is suing the state’s governor based on the argument that the state’s Department of Health has taken too long to request for the federal exemption of the state’s medical marijuana program from the DEA as stipulated in a legislation that was signed in 2020. Carl Olsen claimed that Gov. Kim Reynolds had failed to make sure that the law was effectively carried out, adding that the state should submit a federal exemption request for its medical marijuana program promptly.

Olsen filed the suit in a district court in the state a few days ago.

The law that was signed last year by Reynolds states that the department should request for guarantees from the federal government agencies that provide funding to long-term care and educational facilities that allow staff to administer medical marijuana or patients to possess medical marijuana in compliance with Iowa’s program.

In a report that was released last year, regulators revealed that the department would work on obtaining an exception for marijuana from the DEA, given that marijuana is classified as a schedule 1 substance, to help minimize the conflict between federal and state law. However, since then, the department has not made any progress on the matter, apart from releasing a statement in February this year noting that it was still assessing the best way to proceed.

In 2020, the DEA turned down an exemption request submitted by Olsen. However, he’s hopeful that with the state now formally involved, the result will be different. DEA regulations state that while the agency’s administrator has the power to grant an exemption at their discretion, they are under no obligation to grant an exception to any individual as is otherwise required by the regulations or by law.

Olsen has asked the court to order the governor to execute her role in making sure that a federal exemption request is submitted. The suit notes that failure to do so is contrary to public interest, adding that obtaining a guarantee would help alleviate the severe threat to public safety that is created by approving the establishment of the state’s medical marijuana program without putting in the needed effort to acquire an exemption from federal drug law.

Apart from this development, legislators in Iowa have been looking into different ways to improve upon the current medical cannabis law, with one legislation set to decrease provider and patient fees having already been presented to a subcommittee.

Fortunately for patients in Iowa and elsewhere, a number of entities, including XPhyto Therapeutics Corp. (CSE: XPHY) (OTCQB: XPHYF) (FSE: 4XT), are conducting clinical trials on drug formulations made from cannabis. If the trials are successful, regulators such as the FDA would approve those drugs for use by patients who need those medicines.

NOTE TO INVESTORS: The latest news and updates relating to XPhyto Therapeutics Corp. (CSE: XPHY) (OTCQB: XPHYF) (FSE: 4XT) are available in the company’s newsroom at https://cnw.fm/XPHYF

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420 with CNW — NYPD Memo Says No Arrests for Adults Smoking Cannabis on Sidewalks

Last week, the New York City police department (“NYPD”) sent out an internal memo clarifying a number of issues after Gov. Andrew Cuomo signed a bill legalizing adult-use marijuana.

Among other things, the memo indicated that individuals who are at least 21 years old will no longer be liable for an arrest once they smoke marijuana in any place where people are allowed to smoke tobacco. Those places include sidewalks as well as other public spaces.

The police department also informed its officers that under the new marijuana law, adults were at liberty to gift cannabis to other adults as long as no payment or other form of compensation are given in return. The NYPD noted that, at the moment, it is still illegal to grow cannabis at home, but once enabling rules are published, no police officer will be at liberty to take any enforcement action unless someone is growing marijuana in ways that flout the home-grow rules, such as exceeding the number of plants permitted by law.

NYPD was unequivocal in its assertion that absolutely no one would be permitted to drive while under the influence of marijuana. However, police officers wouldn’t be allowed to cite the smell of burnt or unburnt marijuana as probable cause for enforcement action, such as searching a vehicle, arresting the driver or issuing a summons.

The NYPD memo goes on to spell out the exception to that rule. The department says enforcement action can justifiably be taken once a driver seems to be impaired and an officer suspects that the marijuana triggering the impairment is within the vehicle. Also, law enforcement officers can act when they observe a driver consuming (smoking) marijuana as they drive a vehicle.

It is also noteworthy that the memo makes reference to the possession of cannabis by minors. The agency clarifies that at the moment, there isn’t a mechanism that the police department can base upon to take action as long as the minor is found with less than the three ounces permitted for adults. In due course, a mechanism will be established to guide how marijuana possession by minors will be treated by the law enforcement community.

Individuals on parole are also mentioned in the internal memo. Officers were advised to desist from approaching or even detaining parolees who are in possession of legally permitted amounts of cannabis unless their parole conditions stipulate otherwise. Even then, the police officers are only required to inform the parole officers about the suspected infraction.

With this internal communication by the police, it looks like changes are coming thick and fast after the enactment of the recreational cannabis law in New York State.

While New Yorkers can now legally use cannabis recreationally, it has been permitted for medical use for several years now. As a matter of fact, many companies, both within and outside the United States, have taken steps to develop drug formulations from this plant. An example is British Columbia-based XPhyto Therapeutics Corp. (CSE: XPHY) (OTCQB: XPHYF) (FSE: 4XT), which is conducting pilot studies to establish the medical efficacy of three drug candidates made from combinations of cannabinoids such as CBD and THC.

NOTE TO INVESTORS: The latest news and updates relating to XPhyto Therapeutics Corp. (CSE: XPHY) (OTCQB: XPHYF) (FSE: 4XT) are available in the company’s newsroom at https://cnw.fm/XPHYF

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420 with CNW — Medical Cannabis Caregivers in Maine Express Concerns about Proposed Rule Changes

Maine was a pioneer in the medical cannabis space, legalizing marijuana for medical use more than two decades ago. Now, the state is looking to introduce a slew of changes to its medical cannabis program, changes that have been widely opposed by medical cannabis caregivers. Currently, Maine has registered an estimated 3,000 caregivers, and state regulations currently allow caregivers to grow and sell medical cannabis to registered medical marijuana patients.

The 80-page proposal that was introduced by the state would force these caregivers as well as other medical cannabis operators to electronically track their medical marijuana across the supply chain and to install 24-hour surveillance in some areas of their establishments, among other things. The changes would require registered manufacturers, dispensaries and caregivers to install tracking software, which is already used in the state’s recreational industry, onto their products and track them across the supply chain.

Developed by Metrc LLC, a Florida company that signed a six-year contract worth $540,000 with the state last year, the software would cost medical marijuana operators around $40 a month. Those operators would also be required to pay extra fees for equipment and tracking tags.

State officials have defended the requirement for tracking software, stating that a medical cannabis law passed back in 2019 mandates medical cannabis operators use this tracking software on their products. The changes are designed to align Maine’s medical marijuana program with a variety of new medical cannabis laws the state has passed in the last couple of years, say regulators from Maine’s Office of Marijuana Policy. Additionally, the changes will bring the medical cannabis space closer to Maine’s recently launched but tightly regulated recreational cannabis industry.

However, public comments and a public hearing held all day Monday last week show that the proposal has very little support, especially from the state’s small medical marijuana caregivers. They say that the rules are too expensive, burdensome, and intrusive in an industry where patients still face plenty of discrimination for using medical cannabis.

The caregivers argue that they have been operating responsibly and safely since the state last updated medical cannabis rules three years ago. The high costs would lock out independent caregivers and the patients they serve as well as patients in rural, less wealthy jurisdictions. Nicoli Botti, a caregiver who testified last week, says that such patients will be forced to go back to the black market, undoing the progress the state has made in undermining the illicit market.

After the first round of public comments, regulators made some changes to the proposal, removing security requirements for caregivers operating out of their own homes and reducing the number of days caregiveres need to store footage from 45 to 30. Catherine Lewis, the board chair for the Medical Marijuana Caregivers for Maine, still isn’t impressed. Although she greatly appreciates the changes, she still finds the remaining proposals quite “disturbing.”

As the regulators in Maine seek to tighten controls on caregivers growing medical cannabis in the state, Canada-based XPhyto Therapeutics Corp. (CSE: XPHY) (OTCQB: XPHYF) (FSE: 4XT) is taking medical marijuana to a whole new level by conducting several pilot trials for drug formulations, such as a sublingual strip containing a mix of THC and CBD aimed at treating epilepsy, which is unresponsive to existing remedies.

NOTE TO INVESTORS: The latest news and updates relating to XPhyto Therapeutics Corp. (CSE: XPHY) (OTCQB: XPHYF) (FSE: 4XT) are available in the company’s newsroom at https://cnw.fm/XPHYF

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420 with CNW — Florida Legislators Consider Limiting Potency of Medical Cannabis

A legislation whose objective is to limit the amount of THC found in medical marijuana may soon advance to the house floor, despite opposition from medical professionals. Republican Rep. Spencer Roach, who sponsored the legislation, stated that the goal of House Bill 1455 was to regulate the medical marijuana industry in the state of Florida.

The bill would not only impose advertising restrictions on physicians who administer medical marijuana but also limit the amount of marijuana a treatment center could dispense over a particular period of time. One provision in the measure that seems to be drawing the most resistance is a 10% potency limit that will be imposed on smokeable flower. Typically, the THC level in a medical marijuana plant ranges between 25%–30%.

During a House Healthcare Appropriations Subcommittee meeting, Roach stated that there wasn’t a credible scientific study that demonstrated THC’s medicinal value in concentrations above 10%. This, he said, was the basis for the 10% limit on smokable flower.

Generally speaking, the bans imposed on research on medical cannabis, both at the federal and state level, have led to an overall lack of medical cannabis research.

Democratic Rep. Carlos Guillermo Smith stated that this limitation would threaten access to smokable cannabis flower for medical users while also disrupting the cannabis industry in the state. At the moment, many cultivators of medical marijuana grow plants that have high THC levels.

Smith added that because cultivators were required to grow the cannabis within the state’s borders under the state’s climate conditions, they would not be able to grow flowers at 10% or less as would be required under this new legislation. Despite offering amendments that would begin a study on the effects of high THC amounts, none of Smith’s reforms were accepted.

Roach claimed that the state’s medical cannabis program had become a recreational drug use program that was operating disguised as a medical cannabis program. While debating, Roach maintained that this year, 71% of all medical marijuana prescriptions had been filed by 12% of qualified doctors, with some physicians prescribing large amounts of medical marijuana. This is despite revealing that he had not consulted with any medical marijuana physicians.

However, physicians are refuting these claims. During a Zoom meeting held after the legislation was passed, a group of physicians who certify patients for medical marijuana cards in the state challenged the Roach’s claims. One of them, Barry Gordon, is the owner of Compassionate Cannabis Clinic and a former ER doctor.

As the debate on how potent medical cannabis products need to be in Florida, a number of companies are hard at work developing therapeutic formulations from marijuana in order to make the plant more precise and effective as a medicine. An example of a company in this category is XPhyto Therapeutics Corp. (CSE: XPHY) (OTCQB: XPHYF) (FSE: 4XT), which is undertaking clinical trials to ascertain the efficacy and safety of several formulations, including an oral THC strip intended to treat nausea and anorexia.

NOTE TO INVESTORS: The latest news and updates relating to XPhyto Therapeutics Corp. (CSE: XPHY) (OTCQB: XPHYF) (FSE: 4XT) are available in the company’s newsroom at https://cnw.fm/XPHYF

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420 with CNW — US Firms Gear Up to Enter Legal Mexican Marijuana Market

The wave of cannabis reform sweeping across the world has finally reached Mexico, and some American cannabis operators are already seeing gold. Canada, several states in the United States and some European countries have already legalized cannabis in various forms, and for most legal cannabis markets, cannabis has proven to be an insanely lucrative product. Not only are stakeholders reaping big rewards, but local governments are also receiving millions of dollars in tax revenue from the industry.

Last week, the Chamber of Deputies allowed the sale of cannabis products as well as the possession of small amounts of cannabis. Additionally, individuals would be able to consume cannabis in their homes as long as no minors are present. The legislation, which already has the Senate’s stamp of approval, will head back to the Senate where it will more than likely pass and be published, says Raul Elizalde, CEO of HempMeds.

With the legislation in play, now would be a great time for American, Canadian and international companies to invest in Mexico, he says. The Senate initially passed the law with little changes, he says, and it will essentially legalize the cultivation, harvest, processing, transportation, and sale of cannabis and cannabis products. However, it will take some time before retailers can start selling cannabis to the masses, thanks to an April 30 Supreme Court-imposed deadline.

According to Elizalde, the earliest Mexico will see the legislation’s final guidelines will be March 2022. He concedes that it isn’t a perfect law and it could run into plenty of challenges, especially from companies that don’t agree with the legislation and want it changed to suit their agenda. For instance, end-to-end licenses, which were introduced via an amendment in the lower house, may see pushback from some stakeholders. These licenses would allow companies to handle harvesting, processing, distribution and sales, similar to vertically integrated companies in the United States.

The state-legal cannabis industry in the U.S. is still bogged down by plenty of issues despite its relative success, chief among them being the patchwork of cannabis legislation in different states and municipalities. Fortunately for future cannabis companies in Mexico, only one legislation, rather than several different ones, will govern the country’s cannabis industry.

Elizalde’s confidence in the bill is warranted given the support it has received from President Andres Manuel Lopez Obrador’s party. His company, which is a subsidiary of Medical Marijuana Inc., was the first American company \allowed to import hemp supplements into the country. As the legislature works out the details of the cannabis legislation, the company hopes to gain a foothold in Mexico’s cannabis industry as well.

As Mexico works its way through the cannabis legalization process, companies in mature markets in North America are raising the stakes. For instance, XPhyto Therapeutics Corp. (CSE: XPHY) (OTCQB: XPHYF) (FSE: 4XT) has plans to finish the clinical trials for its cannabis-based drug candidates, including an oral strip, to treat spasticity resulting from multiple sclerosis.

NOTE TO INVESTORS: The latest news and updates relating to XPhyto Therapeutics Corp. (CSE: XPHY) (OTCQB: XPHYF) (FSE: 4XT) are available in the company’s newsroom at https://cnw.fm/XPHYF

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420 with CNW — Federal Data Indicates Decline in Banks Working with Marijuana Firms Is Ending

Cannabis businesses have had a complicated relationship with banking institutions for quite a while. Although most states allow cannabis in some form, federal law still classifies the plant as a controlled substance, and this difference in legislation has made financial dealings difficult for the cannabis businesses. Most of them have trouble finding financial institutions that are willing to transact with them, let alone offer them loan and financing services.

However, federal data shows that this trend may be coming to an end. For a couple of reasons, the number of banks and credit unions working with cannabis institutions consistently declined for three quarters straight. The coronavirus pandemic was partly to blame, coupled with revised reporting requirements issued by the Financial Crimes Enforcement Network (FinCEN). Based on data from FinCEN’s latest report, this decline seems to be coming to a halt.

Almost 700 banks and credit unions filed reports as of December 31, 2020, stating that they had cannabis businesses as clients. Although these numbers were only a slight increase from the previous quarter, they were significantly lower than the 747 financial institutions reported to be working with cannabis businesses in late 2019. According to FinCEN, which is a bureau of the U.S. Department of Treasury, the number of banks that work with cannabis businesses seems to be leveling off from a decline.

Ever since the 2018 Farm Bill legalized the cultivation and sale of industrial hemp and hemp extracts, FinCEN stopped including hemp-only businesses in quarterly reports. This report was partly to blame for the decline compared to previous figures, which included hemp-only businesses. A report from FinCEN states that the decline coincided with the issuance of guidance it had released together with financial regulators to institutions providing financial services to hemp-only businesses.

The coronavirus pandemic may also be to blame for the decline, with COVID-19 health restrictions forcing many cannabis businesses to close their doors. Additionally, the filing of Suspicious Activity Reports (“SAR”) may have been affected by a reduced workforce at financial institutions. FinCEN guidance requires credit unions and banks to submit SARs if they provide financial services to cannabis businesses. Since the Obama administration issued the guidance in 2014, the number of companies filing SARs report steadily increased until recently.

Filers taking longer than the 90-day follow on requirement to file a continuing activity report may also be to blame for short-term declines in companies working with cannabis institutions, FinCEN says. Now that that decline has stabilized, there may even be an increase in such financial institutions as the Democrats in charge of both the Senate and the House may soon pass cannabis legislation, whether it’s the Secure and Fair Enforcement (“SAFE”) Banking Act or a bill to federally legalize cannabis.

Speaking of access to banking services, lots of companies are doing work that makes them deserving of support and access to banking services so they can continue to do what they do best. An example is XPhyto Therapeutics Corp. (CSE: XPHY) (OTCQB: XPHYF) (FSE: 4XT), which is in the advanced stages of bringing to market several cannabis-based drug formulations, including a THC sublingual and oral strip targeting nausea and anorexia.

NOTE TO INVESTORS: The latest news and updates relating to XPhyto Therapeutics Corp. (CSE: XPHY) (OTCQB: XPHYF) (FSE: 4XT) are available in the company’s newsroom at https://cnw.fm/XPHYF

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CannabisNewsWire420
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